Transaction fee market without block size limit would lead to too low a level of security for Bitcoin: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2400519 …
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@NickSzabo4@adam3us@jony_levin No, you add a centralization component (sucks) to make sure that people other than large pools can mine
@TheBlueMatt @adam3us @jony_levin It more than "sucks", it's a single point of failure/attack wrt anybody depending on it.
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@NickSzabo4@TheBlueMatt@adam3us its only failure if you allow block sizes to increase. At current block size, more of a nuisance -
@jony_levin@NickSzabo4@TheBlueMatt@adam3us Amen ! This is my main concern with current proposals. They all rely on the relay network... -
@jony_levin@NickSzabo4@TheBlueMatt@adam3us and we don't even know which size can be supported by the P2P network can support... -
@jony_levin@NickSzabo4@TheBlueMatt@adam3us But one thing is sure: past a given size, the relay network is not backed by the P2P network -
@jony_levin@NickSzabo4@TheBlueMatt@adam3us and it's likely this size is not as high as many expect it to be -
@LaurentMT@jony_levin@NickSzabo4@adam3us http://bitcoinrelaynetwork.org/stats.html#time_scatter … High-bw relay nodes sending blocks directly: many seconds for 1MB blocks -
@TheBlueMatt@jony_levin@NickSzabo4@adam3us Thanks Matt ! I've played with Decker/Wattenhofer's formula (2013) for the P2P network... -
@TheBlueMatt@jony_levin@NickSzabo4@adam3us results are bad (https://www.reddit.com/r/Bitcoin/comments/3gt9p0/block_size_does_not_seem_to_have_any_influence_on/cu3a5im …) but to be fair, I'm sure the P2P netw. is better now - 7 more replies
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@NickSzabo4@adam3us@jony_levin We should have many relay networks! Sadly p2p networks dont come close to a centralized network for latencyThanks. Twitter will use this to make your timeline better. UndoUndo
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